Barcelona will listen to offers for Fabregas this summer – and the Gunners have first refusal on their former captain.
The 27-year-old midfielder is open to making a return to the Premier League and his relationship with Wenger together with a buy-back clause means the door is open for the Gunners.
Arsenal put in place a clause when they sold Fabregas to Barca for £30million three years ago.
The Spanish giants have to inform them if they receive a bid, and the Londoners then get first refusal.
If they do not take up their option and he moves to another club, the Gunners receive a share of the profits.
It is understood Arsenal are watching developments closely and would consider moving in if Fabregas became available, with Barca likely to sell to offers in excess of £35m.
Wenger has a wealth of midfield talent already and an anchorman is their priority, but Fabregas still appeals.
Manchester United tried to do a deal for him last summer but had several bids turned down.
Fabregas could also appeal to Manchester City, because he was developed as a home-grown player at Arsenal after joining from Barca at age 16.